Dave & Buster's Entertainment, Inc.
- Open
- 11.61
- Day high
- 11.84
- Day low
- 11.20
- Prev close
- 11.40
- Volume
- 271K
- Mkt cap
- $401M
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 4.0
- P/S
- 0.2
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$103K over the last 3 months (0 open-market buys, 1 sale)
- 🏛Institutions mixed (13F)
Dave & Buster's Entertainment, Inc. (PLAY) is a Communication Services company listed on NASDAQ. The stock is down 63% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 1 sale (SEC Form 4).
Dave & Buster's Entertainment, Inc. (PLAY) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 5 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
PLAY earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jun 15, 2026 | $0.37 | $0.22 | -40.5% | $559M | -3.7% |
| Mar 31, 2026 | $0.39 | $-0.35 | -189.7% | $530M | -4.7% |
| Dec 9, 2025 | $-1.16 | $-1.14 | +1.7% | $448M | -19.5% |
| Sep 15, 2025 | $0.88 | $0.40 | -54.5% | $557M | +21.0% |
| Jun 10, 2025 | $0.96 | $0.76 | -20.8% | $568M | +4.5% |
| Dec 10, 2024 | $-0.31 | $-0.45 | -45.2% | $453M | -2.3% |
| Sep 10, 2024 | $0.84 | $0.99 | +17.9% | $557M | -0.6% |
| Jun 12, 2024 | $1.70 | $0.99 | -41.8% | $588M | -5.3% |
| Dec 5, 2023 | $-0.22 | $0.01 | +104.5% | $467M | -23.2% |
| Sep 6, 2023 | $0.94 | $0.94 | +0.0% | $542M | -3.0% |
| Jun 6, 2023 | $1.24 | $1.45 | +16.9% | $597M | -0.7% |
| Dec 6, 2022 | $0.04 | $0.04 | +2.9% | $481M | +2.2% |
PLAY insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 25, 2026 | Harper Darinofficer: Chief Financial Officer | Tax | 134 | $11.27 |
| Jun 25, 2026 | Harper Darinofficer: Chief Financial Officer | Tax | 1,011 | $11.27 |
| Jun 24, 2026 | Morgan Rachelofficer: Chief Legal Officer, Corp Sec | Grant | 126,050 | — |
| Jun 24, 2026 | Tucker Jeremyofficer: Chief Marketing Officer | Grant | 231,092 | — |
| Jun 24, 2026 | Morgan Rachelofficer: Chief Legal Officer, Corp Sec | Grant | 122,249 | $10.90 |
| Jun 24, 2026 | Tucker Jeremyofficer: Chief Marketing Officer | Grant | 213,936 | $10.90 |
| Jun 24, 2026 | Morgan Rachelofficer: Chief Legal Officer, Corp Sec | Grant | 84,034 | — |
| Jun 24, 2026 | Tucker Jeremyofficer: Chief Marketing Officer | Grant | 147,059 | — |
| Jun 9, 2026 | Klohn Steveofficer: SVP Chief Information Officer | Tax | 2,870 | $11.04 |
| Jun 4, 2026 | Fish Kevinofficer: SVP, Chief Tech & Digital Ofc | Grant | 54,466 | $12.13 |
| Jun 4, 2026 | Fish Kevinofficer: SVP, Chief Tech & Digital Ofc | Grant | 40,823 | — |
| May 8, 2026 | CHAMBERS JAMES P.director | Grant | 976 | — |
| May 8, 2026 | Hill Path Capital Partners LPother: SEE EXPLANATION OF RESPONSES | Grant | 867 | — |
| May 8, 2026 | Hill Path D Fund LPother: SEE EXPLANATION OF RESPONSES | Grant | 867 | — |
| May 7, 2026 | Lipman Nathanieldirector | Grant | 759 | — |
Source: PLAY SEC Form 4 filings, latest Jun 25, 2026. For informational purposes only — not investment advice.
See the full PLAY insider & 13F page →Dave & Buster's Entertainment, Inc. company profile
Overview
Dave & Buster's Entertainment, Inc. (NASDAQ:PLAY) is a leading operator of entertainment and dining venues that combine casual dining with arcade-style gaming and entertainment attractions. Founded in 1982 and headquartered in Coppell, Texas, the company went public in 2014. Dave & Buster's operates primarily under its flagship brand name across North America, with over 144 locations spanning 40 states, Puerto Rico, and one Canadian province as of early 2022. The company has experienced significant operational challenges in recent years, including leadership changes and strategic repositioning efforts aimed at returning to its core business model.
Business
Dave & Buster's operates in the family entertainment center industry, which combines casual dining restaurants with arcade gaming and entertainment attractions under one roof. This hybrid concept is often referred to as "eatertainment" - a portmanteau of eating and entertainment. The company's core offering centers around large-format venues that typically span 40,000 to 60,000 square feet and feature two main components. The dining side operates as a full-service casual restaurant offering appetizers, entrees, and both alcoholic and non-alcoholic beverages, similar to chains like Applebee's or TGI Friday's. The entertainment side features an extensive arcade with hundreds of games ranging from classic arcade games to modern virtual reality experiences, sports simulators, and redemption games where players can win tickets to exchange for prizes. The business model targets adults and families, positioning itself as a destination for celebrations, corporate events, and casual entertainment. Unlike traditional arcades that primarily serve children, Dave & Buster's focuses on an older demographic with more sophisticated games and a full bar service. The company also operates a smaller number of Main Event locations, which offer similar entertainment concepts but with additional attractions like bowling and laser tag. Revenue is derived from both segments, with amusements and entertainment typically representing approximately 66% of total revenue, while food and beverage accounts for the remaining 34%. The company also generates revenue from special events, including corporate parties, birthday celebrations, and group bookings, which represented a significant portion of pre-pandemic business.
Revenue model
Dave & Buster's generates revenue through multiple streams within its entertainment and dining model. The primary revenue driver is direct consumer spending on games and food during visits. Customers purchase game credits (chips) to play arcade games, with pricing that has remained relatively stable for over 20 years until recent strategic price increases. The food and beverage segment operates on traditional restaurant margins, with customers paying for meals, appetizers, and drinks. The company's special events business provides higher-margin revenue through corporate parties, birthday celebrations, and group bookings. These events typically involve package deals that include food, beverages, and game credits, often generating higher per-person spending than walk-in customers. The company has been working to rebuild this segment following pandemic-related declines. Several factors significantly impact Dave & Buster's margins and profitability. Macroeconomic pressures affect discretionary spending, as entertainment and dining out are among the first expenses consumers cut during economic uncertainty. The company has noted particular weakness among lower-income consumers. Labor costs represent a significant expense, as the business requires both restaurant staff and arcade maintenance personnel. Real estate costs are substantial given the large footprint required for each location, though the company has utilized sale-leaseback transactions to manage this burden. Game pricing strategy has emerged as a critical margin driver, with recent price increases showing positive results without negatively impacting customer satisfaction. Conversely, promotional activities and marketing effectiveness directly impact traffic and average spending per visit. The company's loyalty program with over 7 million members provides opportunities for targeted marketing and customer retention, potentially improving margins through more efficient customer acquisition and higher visit frequency.
Competitive moat
Dave & Buster's possesses a moderate competitive moat primarily built around its scale advantages and operational complexity rather than truly defensible barriers. The company's primary competitive advantage lies in its scale in procurement and operations. With over 144 locations, Dave & Buster's can negotiate better terms with game manufacturers, food suppliers, and achieve operational efficiencies that smaller competitors cannot match. The company's relationship with arcade game manufacturers provides access to exclusive or early-release games that help differentiate the experience. The real estate footprint creates some defensive characteristics, as the large format venues (40,000-60,000 square feet) require significant capital investment and suitable locations that are not easily replicated. Prime locations with adequate parking and accessibility become increasingly scarce, providing some protection for existing sites. However, the moat faces several vulnerabilities. The eatertainment concept is not proprietary and can be replicated by well-capitalized competitors. Companies like Main Event (which Dave & Buster's acquired), TopGolf, and regional operators offer similar experiences. The technology component of arcade games is largely outsourced to third-party manufacturers, meaning competitors can access similar gaming experiences. The company's recent operational challenges highlight the fragility of its competitive position. Management acknowledged that many recent problems were "self-inflicted" through poorly conceived strategic changes, suggesting that execution rather than structural advantages drives performance. The consumer discretionary nature of the business makes it vulnerable to economic downturns and changing entertainment preferences, particularly as digital gaming and streaming entertainment compete for leisure time and spending. The loyalty program and customer data represent emerging moat elements, but these advantages are still developing and not yet deeply entrenched compared to more established digital platforms.
Risks & safety
Dave & Buster's presents significant financial risk with a precarious margin of safety across multiple dimensions. Liquidity and Solvency Concerns: • Current ratio of 0.22 indicates severe short-term liquidity stress • Quick ratio of 0.13 shows inability to meet current obligations without inventory conversion • Debt-to-equity ratio of 21.5 reflects extremely high leverage • Cash position of only $6.9 million provides minimal cushion • Free cash flow of -$61 million indicates cash burn despite positive operating cash flow Valuation Metrics: • P/E ratio of 27.5 appears elevated given operational challenges • EV/EBITDA of 9.8 is reasonable but concerning given declining comparable store sales • Price-to-book ratio of 7.0 suggests significant premium to tangible assets • Graham number of 4.67 indicates current price well above conservative valuation Other Risk Factors: • Comparable store sales declining 9.4% in most recent quarter • Leadership instability with recent CEO departure • High fixed costs from large-format real estate footprint • Dependence on discretionary consumer spending in challenging macro environment
Recent development
Dave & Buster's has undergone significant strategic repositioning over the past two years following a period of operational missteps and leadership changes. In late 2024, CEO Chris Morris resigned and was replaced by interim CEO Kevin Sheehan, who initiated a "back to basics" strategy aimed at reversing previous management's changes that had alienated the core customer base. The company has implemented several key strategic initiatives. Marketing optimization involved shifting away from purely digital marketing back to traditional TV advertising and reintroducing popular promotions like the Eat & Play Combo. The strategic game pricing program marked the first significant price increases in over 20 years, with higher-priced tiers showing better performance than expected. Food and beverage improvements included menu redesigns and enhanced service models, though management acknowledged that food pricing had lagged industry averages significantly. The store remodel program became a major focus, with plans to remodel 35% of the fleet by 2024. Fully programmed remodels showed double-digit sales and traffic growth, providing a template for broader rollout. Special events business recovery involved adding dedicated sales managers and expanding event offerings, with the segment approaching pre-pandemic performance levels. International expansion accelerated with franchise agreements, including the first location in India and a pipeline of 38 international locations. The company also completed the integration of its Main Event acquisition, achieving $25 million in synergies that exceeded original targets. Recent developments under interim leadership focus on unwinding previous strategic changes that proved counterproductive, including adjustments to promotional strategies, menu design, and marketing approaches that had contributed to declining comparable store sales.
PLAY company profile · for informational purposes only — not investment advice.
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